How To Recover From Identity Theft (Yes, It’s Possible!)

It’s been a while since it happened but it might as well have been yesterday. How long does it take to recover from identity theft? A fraudster got hold of your financial information and took your hard-earned money. You’ve taken all the necessary steps to report the issue. But even beyond the financial chaos, the emotional damage can linger. 

If you are the victim of identity theft, you’re not alone. One out of five people will be the target — or the attempted target — of this fast-growing crime. No matter how big or small the loss, you may experience a broad range of perfectly normal emotions. These emotions may range from anger to guilt to depression — and everything in between. 

No matter how you feel right now, it is possible to recover. There are some things you can do, however, to help. Here’s what you need to remember:

It’s Not Your Fault

Don’t beat yourself up. Blame the perpetrator. There are millions of people who fall prey to fraud and identity theft every year. That’s why it’s such a lucrative criminal enterprise. Even police officers, lawyers and rocket scientists get duped. Despite television shows like “America’s Dumbest Criminals,” fraudsters spend a lot of time honing their craft. And they are good at what they do. Anyone can be a target.

Give Yourself Time To Feel

Don’t expect to just get over it. Just like with the grieving process, you may go through several stages. Accept and acknowledge how you feel. It can actually shorten the process.  Psychologists suggest that the more you suppress emotions, the stronger they become. These negative emotions are neither good nor bad. They just are. When you feel overwhelmed, fInd a safe place and calmly allow the emotional energy to flow. By doing this, you can reduce the intensity of the feeling. It may not feel so great for a while, but it does get better. Don’t rush the process. Healing takes time. 

Stop the Auto Replay

At the same time, you also don’t want to replay what happened over and over again. This is your brain’s attempt to understand what happened and shield you from the emotion. But each time you play it again, you mentally relive the past with the same negative energy. Sadly, you cannot change the outcome. 

When you need to change your frame of mind, try one of these techniques.

• Call a good listener. The right person may be able to calm you down and help you see that you can get past this.
• Think about it later. Jot down a few notes and tell yourself you’ll devote your full attention to ruminating about the past in a few hours. There’s a good possibility that the negative thoughts will lose steam.
• Adopt a mantra. It can be anything that resonates for you, short or long. For example: “This does not define me.”

Find Support

Recovering from identity theft isn’t easy. There may be people who think that you should be okay because, after all, life goes on. Certainly, your life will continue. That doesn’t prevent you from feeling victimized. Identity theft is an actual crime. Your financial life may be in tatters; you may struggle to rebuild your credit. It may be a battle to clear your good name.

Whether you lost a little or a lot, avoid the temptation to hide what happened. Share your story. Talk to people who make you feel better. You may be able to help prevent the same thing from happening to a family member or loved one. The people who matter most will support you. If you can’t find the support you need, visit the Office for Victims of Crime website to find resources near you.

What To Do Now 

Some types of financial crimes are difficult to prosecute. So don’t hold your breath waiting for the criminal to be caught. That doesn’t mean there’s nothing you can do, however. In addition to taking care of your mental health, here are concrete steps you can take to reclaim your financial security. 

Place a Fraud Alert on Your Credit Reports

A fraud alert lets creditors know that you have been a victim of identity theft. This makes it more difficult for someone to open a new account, forcing lenders to take extra steps to verify your identity.

Freeze Your Credit

Call the main credit bureaus, Equifax, Experian and TransUnion, and put a security freeze on your credit. This means that your credit reports are no longer accessible to creditors. It also means that you will need to unfreeze your credit reports if you plan to apply for credit.

Enroll in Credit Monitoring

Your best protection is to monitor your accounts. Review your credit reports frequently and go over your bank statements to look for suspicious or fraudulent transactions. 

Credit reports can be confusing and difficult to read. If you’re serious about protecting your financial information, you may want the extra security afforded through SmartCredit. SmartCredit presents your credit information in an easily digested format.  

SmartCredit puts you back in control. If there are accounts in your history that aren’t yours, you can take action directly with the creditors. In addition to monitoring your credit reports, SmartCredit lets you track your daily credit and financial transactions all in one convenient app. With SmartCredit, you’ll have the peace of mind you need to rebuild your financial future.

It can be tough to get beyond the financial and emotional toll of identity theft. Many victims are revictimized. Don’t let it happen to you. Protect your assets and your peace of mind with SmartCredit. 

Sources:

AICPA – Most Americans Believe ID Theft Likely To Cause Them Financial Loss
The Ladders – Suppressing Your Emotions Can Be Incredibly Bad for Your Health